….Madrid Extend Financial Dominance Despite Trophy Drought
Real Madrid have retained their position at the summit of football’s rich list, while Liverpool emerged as the highest-earning English club for the first time, according to Deloitte’s latest Football Money League report.
The Spanish giants generated close to $2.4 billion (€1.16bn) in revenue during the 2024/25 season despite failing to win a major trophy. The ongoing transformation of the Santiago Bernabéu into a multi-purpose venue continues to deliver strong financial returns, with Madrid’s $1.18bn in commercial revenue alone enough to secure a top-10 ranking.
Barcelona Reclaim Second as Bayern and PSG Complete Top Four
Barcelona climbed back into second place with revenues of $1.94bn, despite playing the entire season away from the Camp Nou due to ongoing redevelopment.
Bayern Munich ranked third with $1.72bn, narrowly ahead of Paris Saint-Germain, whose revenues were boosted by winning the UEFA Champions League for the first time.
Liverpool Overtake Man United as England’s Financial Standard-Bearers
Manchester United fell to their lowest-ever position in the Deloitte Money League, ranking eighth, as Liverpool overtook their domestic rivals to become England’s top-earning club.
United, who topped the Money League ten times between 1996 and 2017, were hit by a sharp decline in broadcast income following their absence from the Champions League in 2024/25. Broadcast revenues dropped from €258m to €206m, with further pressure expected due to reduced matchday income this season.
United’s Revenue Hit Deepened by Fewer Matches
United’s lack of European football and early exits from domestic cup competitions mean they will host only 20 competitive matches at Old Trafford in the 2025/26 season, further limiting revenue streams.
Deloitte: Modern Revenue Race Goes Beyond Matchdays
Tim Bridge, Deloitte’s Sports Business Group Leader, said the modern revenue race now extends far beyond matchdays.
“The clubs with the biggest brands have an opportunity to engage fans 365 days a year, both on matchdays and non-matchdays,” Bridge said. “Manchester United are arguably still the biggest global football brand, but to fully maximise that potential requires fit-for-purpose facilities.”
He added that while United were once the benchmark for commercial and matchday revenue, they now trail clubs such as Real Madrid and Barcelona, who have moved faster in stadium redevelopment and diversification strategies.
English Clubs Miss Top Four for First Time
United ranked fourth among English clubs, behind Liverpool, Manchester City and Arsenal, while Liverpool placed fifth overall following their return to the Champions League and a seven per cent increase in commercial revenue, driven largely by non-matchday events at Anfield.
Notably, this is the first time no English club has featured in the Money League’s top four, with Real Madrid, Barcelona, Bayern Munich and PSG all benefiting from deep runs in the expanded Champions League and the enlarged FIFA Club World Cup.
Club World Cup Delivers Broadcast Boost
Deloitte reported that participation in the Club World Cup delivered an average 17 per cent uplift in broadcast revenue for the ten clubs involved.
Outlook: Diversification Key to Staying at the Top
Looking ahead, Premier League clubs are expected to perform more strongly in the 2027 Money League, which will reflect the league’s new broadcast deal running through to 2029. However, Bridge stressed that sustained success will depend on balancing on-field performance with off-field diversification.
“The highest revenue-generating clubs are now broader than football alone,” he said. “Maintaining both sporting success and commercial innovation is the key to staying at the top.”
Manchester City placed sixth, their lowest ranking since the Covid-19-affected 2019/20 season, underlining the increasingly competitive nature of football’s financial elite.
